Hestia Home Development
Hestia Home Development are specialist investors, developers and asset managers. We focus exclusively on developing and refurbishing housing inemerging locations within central and inner London.
Our experience, efficiency and attention to detail enable us to deliver exceptional results for our clients – as you will see from the following case studies.
Flat D, Commercial Road E14
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross area: 2,336sqft (retail to residential)
A four storey mixed use property in close proximity to Limehouse station, purchased for £420,000.
With three flats already completed and occupied by tenants, the project is already generating revenue.
If the development of a further four storey property to the rear of the building is approved, the project will deliver a margin on cost in excess of 60% within just three years.We achieved a valuation between £886psf (bank) & £1,000psf (agent) in an area that typically achieves <£500psf and should achieve more than 60% margin on cost.
Marischal Road
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross Area: 863 sqft
The first floor one bedroom flat cost £120 000; it was converted to a two bedroom flat and the value rose to £240 000 in only three months. The flat had been let at £650per calendar month which post refurbishment was doubled to £1300 per calendar month.
The second floor one bedroom flat was purchased for £115 000 and lightly refurbished for £15 000 in just 4 weeks. After the refurbishment the value of the flat rose to £180 000.
Pre-refurbishment the flat was let at £650per calendar month; now the tenants are paying £1,079 per month.
We achieved a 39% margin on cost within 6 months and a gross yield of 12% pa
Deptford Broadway
Development Management: Magdalena Skinner
Interior Design: Hestia Home Development
Lettings & Management: Hestia Estates Ltd
Gross Area: 1201 sq ft of residential space
The site was purchased in September 2012 for £800 000 and is currently worth £2.325 m.
The project started with the refurbishment of the 2 existing flats on the 2nd and 3rd floors and then the first floor storage area was converted to produce a third flat. The value of each flat now stands at £225,000 compared to the £115,000 at acquisition and all the building work cost just £120,000.
To the rear is a development site consented for six flats with a GDV of £1.84 million. The site is currently valued at £650,000 and the redevelopment will cost £700,000.
A planning application will shortly be submitted for two additional flats, which would increase the GDV to £2.22m. The extra building work on those two units would cost £60,000.
We are working with our planning consultant and architect to secure consent for an additional three flats, which would bring the GDV of the development site to approximately £3 million with the retail element adding a further £100,000. The sale of the Ground Rents would generate an additional £75,000 bringing the total GDV to £3.175m.